The European Council welcomed Bulgaria’s fulfillment of all the convergence criteria set out in the EU Treaty and endorsed the European Commission’s proposal for the country to adopt the euro as of 1st January 2026.
This represents another step in the process of approval by the European institutions of Bulgaria as the 21st member state of the single currency area. The process began with the extraordinary convergence reports of the European Commission (EC) and the European Central Bank (ECB), published on 4th June, stating that the country had met all requirements and could adopt the euro from the start of next year.
Last Thursday, the Eurogroup approved the recommendation of the euro area Member States to the Council of the European Union, proposing that Bulgaria introduce the European single currency from the start of next year.
The following day, the recommendation was also unanimously adopted by the EU’s “Economic and Financial Affairs” Council (ECOFIN). Earlier this week, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) voted in favor of the report approving Bulgaria’s adoption of the euro, with 46 votes in favor, three against, and five abstentions.
The plenary vote on the report is scheduled for 8th July, when the final vote will take place in the EU Council. The process will culminate with the Council’s adoption, following consultation with the European Parliament and the European Central Bank, of three legal acts necessary for Bulgaria’s adoption of the euro on 1st January 2026.
Source: Confindustria Bulgaria